Primo Brands (NYSE:PRMB - Free Report) had its target price decreased by Bank of America from $42.00 to $39.00 in a research note issued to investors on Friday morning,Benzinga reports. Bank of America currently has a buy rating on the stock.
A number of other equities research analysts have also weighed in on the stock. Mizuho initiated coverage on shares of Primo Brands in a report on Monday, May 12th. They set an "outperform" rating and a $43.00 price objective for the company. TD Securities initiated coverage on shares of Primo Brands in a report on Tuesday, April 8th. They set a "buy" rating and a $48.00 price objective for the company. Barclays decreased their price objective on shares of Primo Brands from $40.00 to $38.00 and set an "overweight" rating for the company in a report on Monday, June 16th. Truist Financial began coverage on shares of Primo Brands in a research report on Friday, April 4th. They set a "buy" rating and a $42.00 target price on the stock. Finally, Morgan Stanley began coverage on shares of Primo Brands in a research report on Wednesday, July 2nd. They set an "overweight" rating and a $38.00 target price on the stock. Ten research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $40.70.
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Primo Brands Trading Up 0.4%
PRMB traded up $0.13 on Friday, reaching $28.74. 6,905,192 shares of the company traded hands, compared to its average volume of 4,574,056. Primo Brands has a one year low of $24.41 and a one year high of $35.85. The firm has a fifty day simple moving average of $30.93 and a two-hundred day simple moving average of $32.12. The company has a market cap of $10.82 billion, a P/E ratio of -359.17, a price-to-earnings-growth ratio of 0.54 and a beta of 0.73. The company has a quick ratio of 0.87, a current ratio of 1.07 and a debt-to-equity ratio of 1.49.
Primo Brands (NYSE:PRMB - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.05. Primo Brands had a negative net margin of 1.86% and a positive return on equity of 8.35%. The company had revenue of $1.61 billion during the quarter, compared to analyst estimates of $1.63 billion. The business's revenue was up 42.1% compared to the same quarter last year. As a group, equities research analysts expect that Primo Brands will post 1.13 earnings per share for the current year.
Primo Brands Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 17th. Stockholders of record on Friday, June 6th were given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date was Friday, June 6th. Primo Brands's payout ratio is currently -500.00%.
Insider Activity
In other news, Director Tony W. Lee sold 50,657,562 shares of Primo Brands stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $31.67, for a total value of $1,604,324,988.54. Following the transaction, the director owned 116,210,806 shares of the company's stock, valued at $3,680,396,226.02. The trade was a 30.36% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 58.40% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the company. Oliver Luxxe Assets LLC grew its position in Primo Brands by 3.0% during the 2nd quarter. Oliver Luxxe Assets LLC now owns 132,146 shares of the company's stock worth $3,914,000 after purchasing an additional 3,856 shares during the last quarter. Harbour Capital Advisors LLC purchased a new stake in Primo Brands during the 2nd quarter worth approximately $274,000. Assenagon Asset Management S.A. purchased a new stake in Primo Brands during the 2nd quarter worth approximately $27,234,000. Exchange Traded Concepts LLC purchased a new stake in Primo Brands during the 2nd quarter worth approximately $1,257,000. Finally, Fulton Bank N.A. grew its position in Primo Brands by 3.1% during the 2nd quarter. Fulton Bank N.A. now owns 24,833 shares of the company's stock worth $736,000 after purchasing an additional 737 shares during the last quarter. Hedge funds and other institutional investors own 87.71% of the company's stock.
About Primo Brands
(
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Primo Brands Corp. is a branded beverage company, which focuses on healthy hydration. It delivers sustainably and domestically sourced diversified offerings across products, formats, channels, price points and consumer occasions, distributed in the United States and Canada. The company provides water filtration units for home and business consumers across North America.
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